Evolution of analytics

Amazon and Google changed customers’ perceptions of service, speed and personalization. Customers now expect the same service from all businesses they work with.

Even though both companies are primarily B2C, the expectations have transferred over to B2B transactions as well, including credit applications. Businesses applying for credit for purchases now expect instant information customized to their needs, superior customer service and fast credit decisions.

To meet these expectations, businesses must transition to automated credit decisioning that’s powered by predictive analytics. However, businesses looking to make this transition must overcome these challenges:

• Using multiple data assets — With the evolution of available data, many businesses struggle with how to turn a large amount of data into actionable insights.
• Inadequate resources — When businesses bring data in-house to create an analytical repository for its use, they often run into technical and storage challenges.
• Security — Businesses that store data in-house must also secure their customer data. Many businesses aren’t taking advantage of data sources because of the security required.

In our latest white paper, Evolution of Analytics, we explore how businesses can overcome these challenges and more with predictive analytics.